What is a No Credit Check Loan?
A no FICO credit check loan is typically a type of loan in which a lender determines the “creditworthiness” of a potential borrower without conducting a hard FICO credit check.
This can be appealing to potential borrowers who are concerned about the condition of their bad credit or credit history. A “no credit check loan” may seem like a good fast cash option but there are always risks. Educating yourself is the best way to make the right borrowing decision for you.
How do No Credit Check Loans work?
So how can you borrow money without a credit check? You might find yourself considering a no FICO credit check loan. A no credit check loan could be one of several different products, and some are better than others, so you’ll want to do your research before signing any contract.
OppLoans offers short term personal loans with no hard credit checks by assessing a borrower’s creditworthiness by looking at:
- employment status
- income details
- bank account
- financial history
How does it work?
Fill out our fast and easy online application in minutes!
Securely connect your bank account.
Review and accept your loan's repayment agreement.
Get a Decision
You will be provided a decision quickly! If approved, you may be funded as soon as the next business day!1
What will my interest rate be?
The maximum APR for a loan offered through and serviced by OppLoans is 160% APR. Products offered through OppLoans have different rates and terms depending on the state where you live.
You can see a state-by-state breakdown of loan rates and terms here.
How is this different than payday loans5?
Payday loans are short term, high cost loans. OppLoans installment loans come with longer terms, lower rates, and higher principals.
Here’s a quick snapshot to explain the differences:
|Loan amount||$500 – $4,000||$100 – $1,000|
|APR||160% in most states||400%|
|Term||Up to 18 months in most states||14 days|
|Ability to build credit history6||√||X|
How fast will I get my money?
If you submit your loan application and it is processed and approved before 8:00 p.m. CT Monday-Friday are typically funded the next business day1.